The Philippines is aiming to become top exporter of coconut products to China, next to other ASEAN countries.
According to the 2020 China Coconut Oil Import Source Countries Statistics, which was reported by the Embassy of the Philippines in Beijing, the Philippines ranked second largest coconut supplier to China, cornering 27% of market share in the country.
Last year, the Philippines exported 43,700 metric tons (MT) of coconut products to China, valued at $62.85 million.
Aside from the Philippines, China also imports coconut products from Indonesia, Thailand, Vietnam and Malaysia.
The Philippine Coconut Authority (PCA) said, “The Philippines could become a dominant player in this area, as the country’s young green coconut export already gained access to China in 2019, while maintaining staple coconut products for exports such as coconut water, coconut milk, coconut oil, virgin coconut oil and coconut sugar.”
China imports approximately 2.5 billion coconuts every year from different Southeast Asian countries, as raw materials for processing. China’s demand for coconuts stands at 300 to 350 million coconuts annually, 90% of these are imported.
Likewise, coconut oil and crude coconut oil remain among top three imported products by the United States from the Philippines for three consecutive years, according to the latest Trade Statistics for International Business Development of the International Trade Centre.
According to the report, the Philippines supplies 60% of US imports of coconut oil and 73% of crude coconut oil.
The increase in demand for coconut products is based on positive changes arising from new US trade policies, market trends, as well as dietary guidelines relative to the coconut industry.